Rig contractor Precision Drilling suspends dividend

Reuters Staff

1 Min Read

Feb 11 (Reuters) - Canadian rig contractor Precision Drilling Corp suspended its dividend payments as the company looks to boost its finances to cope with a 70 percent fall in oil prices, which has hurt demand for its onshore rigs.

The company’s net loss widened to C$271 million ($194 million), or 93 Canadian cents per share, in the fourth quarter from C$114.0 million, or 39 Canadian cents per share, a year earlier.